Texas Teacher Retirement System, Austin, committed $1.6 billion in May to seven alternative investment strategies, all managed by existing money managers, a transaction report showed.
The largest allocation — $800 million — was from the $145.4 billion fund's real assets portfolio with AEW Capital Management receiving a $500 million commitment to AEW Global Investment Fund T. The fund will seek value-added investment opportunities in international developed countries.
TRS spokesman Robert Maxwell said in email that the AEW commitment is to a customized separate account run just for the teachers' defined benefit fund.
TRS real estate officers also committed $300 million to Blackstone Real Estate Partners Europe VI, an opportunistic fund managed by Blackstone Group that will seek investments in developed countries outside the U.S.
In infrastructure, $500 million was split between two managers.
Brookfield Asset Management was awarded a $300 million commitment to Brookfield Infrastructure Fund IV-A. The fund's portfolio managers will invest in opportunities in developed international markets.
TRS committed $200 million to DC Front Range Holdings I, managed by DCP Fund I Adviser/Digital Colony Management, which will invest in U.S. infrastructure projects.
From the fund's private equity portfolio, an aggregate $313 million was earmarked for three strategies.
TRS investment officers awarded commitments of $150 million each to two U.S.-focused large buyout funds: H&F Unite Partners, managed by Hellman & Friedman, and TA XIII-A, run by TA Associates.
White Cypress Co-Investment Partners, managed by Clearlake Capital Group, received a $13 million commitment to a U.S. mid- to small buyout fund.
